I am new to the BRRRR method but have committed to the strategy I own two two unit properties that are cash flowing very well as well I am house hacking, I feel a bit lost in looking for a lender to do a cash out refinance with. From the few that I have spoken to they are only offer either 10 or 15 year loans and between a 4 and 5% interest rate. My credit is 710 and my wifes is upper 700's. Any pointers or tips on how to search for a good lender?
I would want a 30 year fixed. A 10 or 15 year loan will lower your cash flow every month. Between the rent and equity you gain just from time the extra interest you pay is negligible. Also if you go private you wont have to worry about jumping through the banks hoops and the rate should be around the same.
Talk to several lenders.. especially community banks. Don't be afraid to negotiate terms. Most folks don't realize that banks (especially community banks) have flexibility and most folks don't even try negotiating.
You should be able to get a max of 75% loan to value on the non owner with a no income verification loan in the 4's on a 30 year fixed (good for cash flow) and 70% on the owner occupied with conventional financing.